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Summary Ch 9 Plant Assets, Natural Resources, and Intangible Assets - Financial Accounting with International Financial Reporting Standards - FAC2 CA$10.02
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Summary Ch 9 Plant Assets, Natural Resources, and Intangible Assets - Financial Accounting with International Financial Reporting Standards - FAC2
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  • Course
  • FAC2
  • Institution
  • Hanzehogeschool Groningen (Hanze)
  • Book
  • Financial Accounting with International Financial Reporting Standards

Provides in-depth summary of chapter 9. topics include Determining the Cost of Plant Assets, Depreciation Methods (Straight-line, Units-of-activity, Declining-balance), Revaluation of Plant Assets, Plant Asset Disposals

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  • February 12, 2024
  • 21
  • 2023/2024
  • Summary

Subjects

  • depreciation
  • straight line
  • units of activity
  • declining balance
  • revaluation
  • disposals
  • depletion

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  • International Business and Management Studies
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Content preview

Plant Assets, Natural
Resources, and Intangible
Assets
Chapter Number Chapter 9




Plant Assets, Natural Resources, and Intangible Assets 1

, 📖 Table of Contents

Outline
9.1 Plant Asset Expenditures
Determining the Cost of Plant Assets
Land
Buildings
Equipment
Expenditures During Useful Life
9.2 Depreciation Methods
Factors in Computing Depreciation
Depreciation Methods
Straight-line
Units-of-activity
Declining-balance
Component Depreciation
Depreciation and Income Taxes
Revaluation of Plant Assets
Gain Situation
Loss Situation
Revising Periodic Depreciation
9.3 Plant Asset Disposals
Retirement of Plant Assets
Sale of Plant Assets
Gain on Sale
Loss on Sale
9.4 Natural Resources and Intangible Assets
Natural Resources and Depletion
Intangible Assets
Accounting for Intangible Assets
Research and Development Costs
9.5 Statement Presentation and Analysis
Analysis
9.6 Exchange of Plant Assets
Loss Treatment
Gain Treatment




9.1 Plant Asset Expenditures


Plant Assets, Natural Resources, and Intangible Assets 2

, ⚠️ Plant assets are resources that have three characteristics.
1. They have a physical substance (a definite size and shape)
2. are used in the operations of a business
3. are not intended for sale to customers.


They are also called property, plant, and equipment; plant and equipment; and
fixed assets.


Determining the Cost of Plant Assets

📍 Cost consists of all expenditures necessary to acquire the asset and
make it ready for its intended use.

For example
→ purchase price
→ freight costs paid by the purchaser
→ installation costs.


Land


💰 The cost of land includes:
(1) the cash purchase price
(2) closing costs such as title and attorney’s fees
(3) real estate brokers’ commissions
(4) accrued property taxes and other liens assumed by the purchaser




Plant Assets, Natural Resources, and Intangible Assets 3

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